Opening the door to your new home -the Federal Housing Administration (FHA), this loan option offers flexible qualification guidelines to help people who may not qualify for a conventional mortgage. And, because an FHA loan is a government-insured mortgage, they are widely used by first-time homebuyers.
FHA Loan Programs
Fixed-Rate Mortgage – Protect yourself against a rising rate environment!
- Since the interest rate remains the same for the entire term of the loan, you’ll never have to worry if your monthly payment will increase especially if you plan on staying in your home for an extended period of time. And in the future, you can use the equity in your home as a down payment for your next home or a future cash-out refinance.
Refinance to a lower rate with less paperwork and a fast closing!
- If you currently have an FHA mortgage, we may be able to help you reduce the current rate on your mortgage.
- Maximum loan amounts are based on the county/state location of the subject property (see HUD’s website)
- Maximum Loan-To-Value (LTV) and Combined-Loan-To-Value (CLTV) of 96.5% (98.25% with Upfront Mortgage Insurance Premium (UFMIP)
- Tax transcript not required for W-2 wage earners (exclusions apply)
- Standard and Jumbo options available
- Minimum credit score as low as 580
- Low down payments
- Flexible income requirements
- Fixed-rate 30 year mortgages
- Loans for 1-4 unit properties, condos and manufactured homes are allowed
- Down payment funds can be a gift from a relative or employer*
- Home sellers can contribute up to 6% of the closing costs
- Disaster recovery – FHA 203(h) – loans available
- HUD REO properties eligible with escrow holdbacks for repairs up to $11,000
* Subject to underwriting review and approval.